According to the company’s CEO, Volodymyr Boyko, Mariupol Steel Illicha (MMKI: SELL) plans to replace its open hearth furnaces with three oxygen converters. Neither the term nor the CapEx needed for this were disclosed. Concorde Capital: Switching to oxygen converter technology would make MMKI significantly more cost efficient. We estimate that the CapEx required for such an undertaking could easily reach the USD 1 bln level.